Central Rand Gold Limited Update (6135Q)
September 13 2017 - 4:30AM
UK Regulatory
TIDMCRND
RNS Number : 6135Q
Central Rand Gold Limited
13 September 2017
Central Rand Gold Limited
(Incorporated as a company with limited liability
under the laws of Guernsey,
Company Number 45108)
(Incorporated as an external company with limited
liability under the laws of South Africa,
Registration number 2007/019223/10)
ISIN: GG00B92NXM24
LSE share code: CRND JSE share code: CRD
("Central Rand Gold" or the "Company")
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CONCENTRATOR PLANT AND OPERATIONAL AND FINANCIAL
UPDATE
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Concentrator Plant
Shareholders are referred to previous announcements, the most
recent of which was dated 20 April 2017, wherein they were advised
that the concentrator equipment, which had been ordered from China,
was expected to be delivered to South Africa in mid-June 2017.
Shareholders are hereby advised that the concentrator plant has
now arrived in South Africa after some delays and has been
transported to site in containers. The containers are expected to
be off-loaded by 14 September 2017. It is anticipated that
construction will commence in the beginning of October 2017 and
that the concentrator plant will be fully on line by December
2017.
The manufacturer will be sending four engineers to assist with
the installation and commissioning of the concentrator plant.
Operational and Financial Update
Whilst excavation and processing operations have stabilised at
an operational level, the financial position of the Company
nevertheless remains extremely serious. The Company carries
significant debt and has a number of creditors. The directors are
actively pursuing financing opportunities for the Company and are
in discussions with a number of parties about those opportunities.
Any such financing, if forthcoming, would be likely to be
significantly dilutive to shareholders and may also involve the
Company disposing of all or of a significant part of its operations
to a third party better able to provide the capital required to
provide a meaningful return from those operations, which are
proving very difficult to achieve under the Company's current
capital structure.
For further information, please contact:
Central Rand Gold +27 (0) 87 310 4400
Lola Trollip
ZAI Corporate Finance Ltd - Nominated Adviser +44 (0) 20 7060
2220
John Treacy
Brandon Hill Capital - Broker +44 (0) 20 3463 5000
Jonathan Evans / Wei Jiao
Merchantec Capital - JSE Sponsor +27 (0) 11 325 6363
Monique Martinez / Marcel Goncalves
Johannesburg
13 September 2017
The information communicated in this announcement is inside
information for the purposes of Article 7 of Market Abuse
Regulation 596/2014 ("MAR").
This information is provided by RNS
The company news service from the London Stock Exchange
END
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